分析师对研发企业报道的横向决定因素

IF 2 Q2 BUSINESS, FINANCE

Risks Pub Date : 2024-06-18 DOI:10.3390/risks12060098

Ashraf Khallaf, Feras M. Salama, Musa Darayseh, Eid Alotaibi

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引用次数: 0

摘要

先前的研究表明，分析师覆盖率与研发之间存在正相关。然而，他们并没有研究研发的哪些特定属性会导致这种正相关关系。在本研究中，我们旨在填补现有文献的空白，探讨研发与分析师覆盖率之间关联的横截面决定因素。我们研究了四个横截面决定因素：研发费用化与研发资本化相比产生的报告偏差、与研发相关的不确定性、投资者的关注度以及研发的规模效应。我们发现，虽然报告偏差和不确定性会降低研发公司的分析师覆盖率，但投资者的关注度和研发的规模效应会提高分析师覆盖率。此外，我们还发现，Barth 等人记录的研发与分析师覆盖率之间的正相关关系完全可以用研发的规模效应来解释。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Cross-Sectional Determinants of Analyst Coverage for R&D Firms

Prior research document a positive association between analyst coverage and R&D. However, they do not investigate what particular attribute of R&D leads to this positive association. In this study we aim to fill the gap in the extant literature and explore the cross-sectional determinants of the association between R&D and analyst coverage. We investigate four cross-sectional determinants: reporting biases arising from expensing of R&D compared to capitalization of R&D, uncertainty associated with R&D, investors’ attention, and scale effects of R&D. We find that while reporting biases and uncertainty decrease analyst coverage for R&D firms, investors’ attention and scale effects of R&D increase analyst coverage. Furthermore, we find that the positive association between R&D and analyst coverage documented by Barth et al. is fully explained by scale effects of R&D.

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